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New Home Sales Slip In June In The Midwest

New home sales in the midwest slipped in June to a seasonally-adjusted annual rate of 56,000 homes, a decline of 11.1 percent from the month before when sales were at a rate of 63,000 homes, according to a report just released by the U.S. Commerce Department.  Even though new home sales cooled off in June, the pace for June was still 5.7 percent higher than June 2014 when new home sales came in at a rate of 53,000 homes.

The new home supply in the midwest increased in June 12.5 percent to 5.4 months from a 4.8 month supply the month before, however this marks a decline of 6.9 percent from June 2014 when there was a 5.8 month supply.

New home prices increased slightly in June, from the month before, to a median price of $281,800 however were down 1.8% from June 2014 when the median new home price in the midwest was $287,000.

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